My colleague, Ross Marlin, was kind enough to remind me today of the Home Run program for home buyers in CT. Here are the loan specifics, which are really fantastic and can save you thousands of dollars!
- 3% down payment on conforming loans and 5 % on jumbo loans
- No PMI (private mortgage insurance)
- 2% of loan amount back at closing for closing costs
- Rates on par with market rates.
- 640 min credit score required (depending on loan amount and debt-to-income ratio )
- Must own no other real estate at the time of closing. (Buyer does not need to be a first -timer)
- NO INCOME RESTRICTION ON MOST PROPERTIES IN DOWNTOWN STAMFORD AND MANY URBAN AREAS OF CT
- Must take a free 8 hour Buyer Counseling class available at Bridgeport Neighborhood Trust. (But otherwise it’s standard processing, review of assets, income, etc.)
- Ratios are firm but reasonable. If you can’t prove you paid your last 12 months of housing payments on time, it’ll be more strict but still reasonable.
- For condos, the loan requires 5% down and the credit limit is 660.
Please feel free to contact Ross Marlin with any questions.